Section 2 of MCS ACT 1960 : Definitions

 2.In this Act, unless the context otherwise requires,—

(2-A) “ authorised person ” means any person duly authorised by the Registrar to take action under the provisions of this Act;

(5)“by-laws” means by-laws registered under this Act and for the time being in force and includes registered amendments of such by-laws ;

(6) “Central Bank” means a co-operative bank, the objects of which include the creation of funds to be loaned to other societies; but does not include the urban co-operative bank ;]

(7)“Committee” means the committee of management or board of directors 3[or the governing body or other directing body of a co-operative society, by whatever name called, in which the management of the affairs of a society is entrusted] under section 73 ;]

(8)“Company” means a company as defined in the *Companies Act, 1956 and includes a Banking Company and also any board, corporation or other corporate body, constituted or established by any Central, State or Provincial Act for the purpose of the development of any industry ;

(10)“co-operative bank” means a society which is doing the business of banking as defined in clause (b) of sub-section (1) of section 5 of the Banking Companies Act, 1949 and includes any society which is functioning or is to function as 5[a Co-operative Agriculture and Rural Multipurpose Development Bank] under Chapter XI] ;

(10-ai)“Co-operative Appellate Court” means the Maharashtra State Co-operative Appellate Court constituted under this Act ;

(10-aii)“ Co-operative Court” means a Court constituted under this Act to decide 7[disputes referred to it under any of the provisions of this Act] ;

(10-aiii)“co-operative year” means a year ending on the 31st day of March or on such other day in regard to a particular society or class of societies 3[as may have been fixed by the Registrar, from time to time,] for balancing its or their accounts ;]

(13)“federal society” means a society—

    (a)not less than five members of which are themselves societies, and

    (b)in which the voting rights are so regulated that the members which are societies have not less than four-fifths of the total number of votes in the general meeting of such society ;

(14)“firm” means a firm registered under the Indian Partnership Act, 1932 ;

(16)“housing society” means a society, the object of which is to provide its members with open plots for housing, dwelling houses or flats ; or if open plots, the dwelling houses or flats are already acquired, to provide its members common amenities and services ;]

(17)“Liquidator” means a person appointed as liquidator under this Act ;

(18)“local authority” includes a school board and an agricultural produce market committee constituted by or under any law for the time being in force ;

(20)“officer” means a person elected or appointed by a society to any office of such society according to its by-laws ; and includes 7[any office bearer such as a chairperson, vice-chairperson, president, vice- president, managing director, manager, secretary, treasurer, member of the committee and any other person, by whatever name called,] elected or appointed under this Act, the rules or the by-laws, to give directions in regard to the business of such society ;

(20-A)“Official Assignee” means a person or body of persons appointed by the Registrar under sub-section (2) of section 21A ;]

(21)“prescribed” means prescribed by rules ;

(24)“Registrar” means a person appointed to be the Registrar of Co-operative Societies under this Act ;

(26)“rules” means rules made under this Act ;

(27)“society” means a co-operative society registered, or deemed to be registered, under this Act 1[, which is an autonomous association of persons, united voluntarily to meet their common needs and aspirations through a jointly owned and democratically controlled enterprise and adhering to the co-operative principles and values;]

(28)“society with limited liability” means a society having the liability of its members limited by its by-laws ;

(29)“society with unlimited liability” means a society, the members of which are, in the event of its being wound up, jointly and severally liable for and in respect of its obligation and to contribute to any deficiency in the assets of the society ;

(29A)“State Co-operative Election Authority” means an authority constituted by the State Government under section 73CB;]

(31)“working capital” means funds at the disposal of a society inclusive of paid-up share capital, funds built out of profits, and money raised by borrowing and by other means.

Note : This content written for educational purpose only, therefore please take professional services for use and implementation. we have removed the section which has been Amendment in 2019.